With over 700 new businesses setting up in the month of January this year in Northern Ireland, the most start-ups during the last 4 months, it definitely bodes well for the future as we begin to show signs of coming out of the economic slump.
This is according to the latest data from R3, the insolvency and restructuring trade body. They found that there was a total of 703 new start-up businesses formed in January, up from 435 in December 2022, an increase of over 60%.
An Entrepreneurial Start To The New Year In Northern Ireland
Speaking about this rise in new businesses by budding entrepreneurs to the Belfast Newsletter, James Neill, chair of R3 in Northern Ireland, said:
“Northern Ireland has had an entrepreneurial start to the New Year, and these new businesses will create opportunities for people and supply chains during a challenging time for the business community and the economy.”
James Neill, who is a director and head of business advisory services at HNH, continued: However, it’s worth noting that the first few years of a business’s life are the most vulnerable, and the trading climate is particularly challenging at the moment.
Know Your Business Inside Out And Seek Help When You Need It
“My advice to new company directors is simple – know your business inside out and if you spot an issue, seek help as soon as you can.
“If you’re paying bills late, making unplanned cuts or noticing a constant issue with cashflow, then these are all signs your business could be financially distressed and that it’s time to ask for help.
“There are many options out there for businesses that are struggling, but those options become fewer and the time to take a decision becomes shorter if you don’t move quickly and seek advice before the problem spirals.”
That is very good advice indeed from James Neill. We applaud all the new start-up businesses that are forming and hope that they get all the success that their entrepreneurial spirit deserves. Taking the plunge to start a new business is always a big decision to make but as they always say, you can’t win the prize without buying a ticket!
And if any new business needs advice we are here to help at WHR Accountants. We have helped many businesses negotiate there way through the first few months of their journey so if you need any help please give us a call on 028 3752 2909.